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REGISTERED NUMBER: 04714636 (England and Wales)




































FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023

FOR

HOLMES & QUINN LIMITED

HOLMES & QUINN LIMITED (REGISTERED NUMBER: 04714636)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HOLMES & QUINN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







DIRECTORS: P B Quinn
S M Quinn



SECRETARY: Mrs J P Quinn



REGISTERED OFFICE: Unit 7
The Tanneries
East Street
Titchfield
Hampshire
PO14 4AR



REGISTERED NUMBER: 04714636 (England and Wales)



ACCOUNTANTS: Compass Accountants Limited
Chartered Accountants
Venture House
The Tanneries
East Street
Titchfield
Hampshire
PO14 4AR



BANKERS: Lloyds Bank PLC
43 West Street
Fareham
Hampshire
PO16 0BE

HOLMES & QUINN LIMITED (REGISTERED NUMBER: 04714636)

BALANCE SHEET
31ST MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 3,250
Tangible assets 5 16,057 21,157
16,057 24,407

CURRENT ASSETS
Stocks 20,830 29,390
Debtors 6 57,364 34,687
Cash at bank and in hand 29,639 73,666
107,833 137,743
CREDITORS
Amounts falling due within one year 7 49,837 51,374
NET CURRENT ASSETS 57,996 86,369
TOTAL ASSETS LESS CURRENT
LIABILITIES

74,053

110,776

CREDITORS
Amounts falling due after more than one
year

8

(16,667

)

(23,809

)

PROVISIONS FOR LIABILITIES (3,051 ) (4,020 )
NET ASSETS 54,335 82,947

CAPITAL AND RESERVES
Called up share capital 9 102 102
Retained earnings 54,233 82,845
SHAREHOLDERS' FUNDS 54,335 82,947

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HOLMES & QUINN LIMITED (REGISTERED NUMBER: 04714636)

BALANCE SHEET - continued
31ST MAY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st February 2024 and were signed on its behalf by:





S M Quinn - Director


HOLMES & QUINN LIMITED (REGISTERED NUMBER: 04714636)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023


1. STATUTORY INFORMATION

Holmes & Quinn Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue for the provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and associated costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HOLMES & QUINN LIMITED (REGISTERED NUMBER: 04714636)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The company's financial assets and liabilities consist of cash and cash equivalents, short term investments, trade and other debtors, trade and other creditor, and accrued expenses. The fair value of these items approximates their carrying value due to their short term value. Unless otherwise noted, the company is not exposed to significant interest, foreign exchange or credit risks arising from these instruments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st June 2022
and 31st May 2023 65,000
AMORTISATION
At 1st June 2022 61,750
Amortisation for year 3,250
At 31st May 2023 65,000
NET BOOK VALUE
At 31st May 2023 -
At 31st May 2022 3,250

HOLMES & QUINN LIMITED (REGISTERED NUMBER: 04714636)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st June 2022
and 31st May 2023 1,000 10,226 14,224 24,820 50,270
DEPRECIATION
At 1st June 2022 1,000 8,451 12,644 7,018 29,113
Charge for year - 312 (176 ) 4,964 5,100
At 31st May 2023 1,000 8,763 12,468 11,982 34,213
NET BOOK VALUE
At 31st May 2023 - 1,463 1,756 12,838 16,057
At 31st May 2022 - 1,775 1,580 17,802 21,157

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 50,035 33,118
Other debtors 7,329 1,569
57,364 34,687

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 8,000 8,492
Trade creditors 22,618 6,481
Taxation and social security 13,143 27,777
Other creditors 6,076 8,624
49,837 51,374

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans 16,667 23,809

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
100 Ordinary £1 100 100
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
102 102